Now that David Ganek’s got a bunch of free time, what with his hedge fund having gone under due to the insider-trading scandal that sent his partner to jail, he realized something: He doesn’t need five bedrooms or the grand entertaining spaces or solid brass bar or to live in Jackie Kennedy’s old digs, especially when he and the missus are getting robbed blind every now and again. Nope, 740 Park just doesn’t do it for Dave and Danielle anymore, so they’ll sell it for twice what they paid nine years ago and grab one of those nice-looking three-bedrooms Jared Kushner is selling down at the Puck Building. Read more »
David Ganek’s Level Global, one of the three hedge funds raided last fall as part of the Feds’ insider trading case, has received approximately $750 million in redemption requests, according to people familiar with the matter. Read more »
“Contrary to speculation in the media, redemptions have been immaterial — amounting to less than 10 percent of our capital base,” the fund said in a letter to clients. “As you can appreciate, we simply cannot respond to every rumor circulating in the media,” Level Global continued. “We can, however, reiterate what we have already said — that we are not a target of the government’s investigation and that we are cooperating fully.” [Reuters]
Hilarious as it would be to stick investors with the bill, that’s not the kind of hedge fund we’re dealing with here.
Re: Level Global Investors, L.T.D.
Understandably, many of you have inquired into the legal costs and expenses we are incurring as a result of the U.S. Attorney’s Office investigation into the subpoena. As we have informed you in the past, we are cooperating completely with that investigation and, to that end, we have engaged experienced external legal counsel to oversee our response to, and in cooperation with, the Government’s inquiry.